Panel gives preliminary OK to landmarking Wrigley Building

(Crain's) — The Wrigley Building has passed a key first step in the landmarking process.

The Commission on Chicago Landmarks unanimously passed a preliminary proposal Thursday afternoon to assign landmark status to the historic two-building complex at 400-410 N. Michigan Ave. In another unanimous vote, the commission passed a measure that would allow the 460,000-square-foot structure to qualify for property tax incentives.

Designed by Graham Anderson Probst & White, the building “inaugurated the rapid commercial development of North Michigan Avenue during the first half of the twentieth century,” according to a report prepared for the commission. The original tower, completed in 1921, and a north annex, completed in 1924, are clad in more than 250,000 pieces of white terra cotta and serve as “an excellent example of a Beaux-Arts skyscraper.”

The votes were sought by the building's new owner, a joint venture led by Chicago investor Byron Trott, which paid about $33 million for the structure and neighboring property in September. The venture, which includes Groupon Inc. co-founders Brad Keywell and Eric Lefkofsky and Chicago-based Zeller Realty Group, bought the property from the Wm. Wrigley Jr. Co., which is moving its headquarters to an office and research and development complex on Goose Island. The new owners plan a major renovation of the building.

“We, along with our partners, are committed to the preservation and renovation of The Wrigley Building, Robbie Robinson, principal of BDT Capital Partners, Mr. Trott's investment firm, says in a news release. "Our goal is to re-energize an important Chicago icon that has long been a symbol of our vibrant city.”

The ownership group's renovation plans include improvements to the building's lobbies, retail space and plaza between the two towers. The group also plans to bring in a new restaurant to replace the shuttered 410 Club. Renovation work is expected to beging in June, with most of the work completed by June 2014, the release says.